PERTH (miningweekly.com) – The share price of junior Altura Mining gained another 8% on Thursday after the company confirmed speculation that it had been in discussions with Shaanxi J&R Optimum Energy Company regarding a potential control transaction.
The lithium developer told shareholders that the content of the discussions were confidential, incomplete, indicative and non-binding, and that any proposal would be subject to a number of conditions, including regulatory approvals in China and Australia.
Altura, which is developing the Pilgangoora lithium project, in Western Australia, added that at this stage, there was no certainty that any transaction would proceed.
Shares in Altura have gained 26% since March 7, trading at 4.2c each on the ASX on Thursday.
The A$139.7-million Pilgangoora project is expected to have a yearly ore feed rate of 1.54-million tonnes to deliver 219 000 t/y of spodumene concentrate containing 6% lithium, with estimated life-of-mine cash costs of A$316/t of spodumene concentrate.